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MLS Press Release

Media Contacts

Public Relations Manager
3693 Southwest Freeway
Houston, TX. 77027
Phone: 713-629-1900 x258
E-mail: david.mendel@har.com
Chief Communications Officer
3693 Southwest Freeway
Houston, TX. 77027
Phone: 713-629-1900 x155
E-mail: matt@har.com
Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 36,000 REALTORS®
January 2000 Sales
Real Estate Market Begins Year In Record-Setting Fashion
Total Home Sales, Median Price Reach All-Time Highs for January
 
HOUSTON (February 9, 2000) – After a record-setting 1999, the Houston real estate market picked up in 2000 exactly where it left off last year. Existing home sales figures for the month of January set new records, according to statistics released today by the Houston Association of Realtors’ Multiple Listing Service. Total sales topped out at 2,808 and the median price for single-family homes rose to $109,500, both figures establishing new records for the month of January

As a result, the total dollar volume closed last month was $408,881,561, an increase of 25.1 percent compared to last January’s total of $326,878,206. Single-family existing homes spent only 84 days on the market, establishing another new record for the month of January.

"It’s hard to imagine topping the tremendous year Houston’s real estate market experienced in 1999, but the year 2000 has started off exceptionally strong," said Frankie Jefferson, madam chairman of the Houston Association of Realtors. "January typically is one of the slowest months of the year for home sales, so with this kind of start, the next few months will be exciting to monitor."

Even though January existing home sales were only slightly higher than last year’s total of 2,782, the median price of $109,500 was 18.4 percent higher than last January’s $92,500. Buyers opened 2,984 contracts in January, a small increase over January 1999. Open contracts, also referred to as pending sales, are a traditional indicator of closed sales 30 to 60 days ahead.

Compared to last January’s 88 days, single-family existing homes sold this January spent four fewer days on the market.

Available inventory rose to 23,274 last month, up slightly over 22,342 in December. This also represents a 7.5 percent increase in active listings compared to 21,651 for the same month last year.
 
January Comparison
  January 1999 January 2000 Percent Change
Total property sales 2,782 2,808 +0.9%
Total dollar volume $326,000,000 $408,000,000 +25.1%
Median price, single-family home $92,500 $109,500 +18.4%
Days on market 88 84 -4.5%
Active Listings 21,651 23,274 +7.5%
 
High Rise Properties, Townhouse/Condo and Country Homes Update

HARMLS reported a significant decrease in the median price for high rise properties for January, dropping 26.4 percent to $156,000 from last year’s $212,000. However, high rise sales increased to 29 last month compared to five in the same month last year.

Townhouse/condominium figures rose slightly last month with 296 sales and a median price of $66,000 compared to January 1999’s totals of 278 and $64,780, respectively. Country homes dropped in median price more than 44 percent from $175,000 last January to $97,500 this year.

Top MLS Areas in January

Among the MLS areas experiencing significant increases in median price in January over last year were:

Area 9 (Central North) – from $86,000 in 1999 to $116,000 this year;
Area 13 (Northwest) – from $99,900 to $131,000;
Area 16 (Central) – from $225,000 to $285,000;
Area 17 (Southwest) – from $246,790 to $394,800;
Area 22 (Central West) – from $236,500 to $385,000;
Area 30 (Fort Bend Southwest) –from $88,650 to $129,900;
Area 32 (Far Northeast) – from $119,000 to $160,000; and
Area 37 (Fort Bend West) – from $94,900 to $125,250.
 
The computerized Multiple Listing Service of the Houston Association of Realtors includes residential properties and new homes listed by more than 17,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. For specific questions regarding a certain area, contact your Realtor. The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants. The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 include a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.)

The Houston Association of Realtors is the largest trade association in Houston and the largest local Realtor association in the nation. Residential home sales statistics as well as listing information for more than 34,000 listings can be found on the Internet at http://www.HAR.com.

Media Contacts

Public Relations Manager
3693 Southwest Freeway
Houston, TX. 77027
Phone: 713-629-1900 x258
E-mail: david.mendel@har.com
Chief Communications Officer
3693 Southwest Freeway
Houston, TX. 77027
Phone: 713-629-1900 x155
E-mail: matt@har.com